Valeant to sell Obagi skin-care business for US$190M
The head office of Valeant Pharmaceuticals is pictured, in Montreal, on Monday, May 27, 2013. (THE CANADIAN PRESS/Ryan Remiorz)
The Canadian Press
Published Monday, July 17, 2017 9:28AM EDT
LAVAL, Que. - Valeant Pharmaceuticals International, Inc. (TSX:VRX) has a deal to sell its Obagi skin care business to a Hong Kong-based group for US$190 million in cash.
The Quebec-based company, headquartered in Laval, estimates its Obagi Medical Products unit will generate about US$85 million of revenue in 2017.
The buyer is a fund managed by a limited partnership that includes China Regenerative Medicine International and Haitong International Securities Group, both headquartered in Hong Kong.